Iranian bank issues shares to develop South Pars field

The national bank of Iran, ‘Mellat’, has realized an obligation worth
250 million euros on November 22 to support a plan to develop Iran’s
South Pars gas condensate field, the director of Pars Oil and Gas
Company (POGC) Ali Vakili said, the official website of the Iranian
Oil Ministry, 'Shana', says.

The plan consists of four steps, offering bonds worth 1 billion euros,
aimed at financing phases 15-18 of the South Pars field.

The South Pars field is located on the coast of the Persian Gulf
between Iran and Qatar and is one of the world’s largest reserves. Its
reserves are estimated at 14 trillion cubic meters of gas, it covers
3700 square kilometers.

The process of developing the South Pars field was split into 28 phases.
Foreign companies were taking part in developing most of the phases.
But the sanctions of the UN, the USA and European countries forced the
companies to abandon the project. The bonds were issued to attract
investments into the project.

The World Bank said in late 2009 that total reserves of gas in Iran
amount to 29.61 trillion cubic meters.

POGC is a sister company of the National Iranian Oil Company (NIOC),
founded in 1998. The main goal of POGC is development of the South and
North Pars gas fields.